SASBADI || LETTER OF ACCEPTANCE FROM THE MINISTRY OF EDUCATION ("MOE")

OTHERS SASBADI HOLDINGS BERHAD ("SASBADI HOLDINGS" OR "THE COMPANY") LETTER OF ACCEPTANCE FROM THE MINISTRY OF EDUCATION ("MOE")

SASBADI HOLDINGS BERHAD

Type	Announcement
Subject	OTHERS
Description	SASBADI HOLDINGS BERHAD ("SASBADI HOLDINGS" OR "THE COMPANY") LETTER OF ACCEPTANCE FROM THE MINISTRY OF EDUCATION ("MOE")
1.       Introduction The Board of Directors of Sasbadi Holdings is pleased to announce that the Company’s wholly-owned subsidiary, Sasbadi Sdn Bhd (“SSB”), had received a Letter of Acceptance dated 8 May 2015 from the MOE appointing SSB to publish, print and supply the textbook for the subject of Design and Technology for Year 6 of the Chinese national-type primary schools (“SJKC’s”) (“Textbook”) to the SJKC’s throughout Malaysia (“Contract”).  The Contract is for the period from 8 May 2015 to 31 December 2017 at a total value of RM406,600.00. 2.       Financial Effects The Contract will not have any material effect on the earnings and net assets of the Sasbadi Holdings Group for the financial year ending 31 August 2015 as SSB is expected to deliver the first tranche of the Textbook worth approximately RM379,000 to the SJKC’s in the first and second quarters of the financial year ending 31 August 2016.  In this regard, the Contract is only expected to contribute positively to the earnings and net assets of the Sasbadi Holdings Group for the financial year ending 31 August 2016 onwards, during the duration of the Contract. 3.         Risk Factors The Company does not foresee any exceptional risk other than the normal operational risks associated with the Contract.  The Company will take the necessary steps to mitigate the risks as and when they occur. 4.         Directors’ and/or Major Shareholders’ Interest None of the Directors and/or major shareholders of Sasbadi Holdings or persons connected with them has any interest, whether direct or indirect, in the Contract. 5.         Directors’ Statement The Board of Directors of Sasbadi Holdings is of the opinion that the Contract is in the ordinary course of business and in the best interest of the Company. This announcement is dated 8 May 2015.